Goodwin Procter is continuing to build out its East Coast private investment funds and private equity practices with a pair of notable additions in New York and Washington: Timothy Clark, who was co-head of Sidley Austin's private equity fund formation practice, and Matt Mauney, who joins from Kirkland & Ellis.

Both are joining Goodwin's private equity group, and Clark will also be a member of the firm's private investment funds (PIF) practice.

The co-leaders of Goodwin's PIF and private equity practices, John Ferguson and A.J. Weidhaas, respectively, trumpeted the hires in back-to-back press releases.

“Tim's decades of experience working with funds operating and raising capital across different geographies and sectors will further bolster our capabilities in New York and around the world,” Feguson said. “We are thrilled to welcome Tim to our team.”

“Matt has built a great reputation and a strong practice that we believe will flourish on the Goodwin platform, and we are delighted to welcome him to our partnership,” Weidhaas said.

Goodwin has credited its private equity practice, especially related to the technology and life sciences industries, as a major growth engine in recent years. Revenue from the private equity practice specifically was up 31 percent last year, the firm said in February.

Clark said that he was not at liberty to disclose most of the names of the clients that were slated to follow him over to Goodwin, but did confirm that Pine Brook Road Partners would be one of them. Although he did not give an exact dollar figure, he did say that the revenue following him in the move would be “significant”.

“I am very happy to join the Goodwin funds platform where I hope to be a leader in the efforts to build out the firm's already strong base in private equity fund formation,” Clark said in a statement.

Clark's former firm had also been investing heavily in its private equity practice, with recent high-profile hires in London, Boston and New York. Brian Fahrney, global co-leader of Sidley's mergers and acquisitions and private equity practice, said earlier this year that the staff-up in the practice was “a very intentional push by the firm to become a major player in private equity.”

Mauney is coming from Kirkland, which has one of the largest and most successful private equity practices in the world. In the first fiscal quarter of 2019, lawyers at Kirkland advised on corporate financial transactions valued at more than any other firm.

He said he enjoyed the “entrepreneurial spirit” that Goodwin has showed as it grows its private equity practice, and said that while there are advantages to a larger, more mature practice such as Kirkland's, he liked the potential for opportunity at Goodwin.

Mauney was at Kirkland from 2011 to 2019. Previously he was an associate at McGuireWoods. He will be practicing out of Goodwin's D.C. office.

The volume of assets under management in the private equity industry is projected to double their 2016 levels to more than $10.2 trillion by 2025.